Uber Technologies Inc has 91 million users, but growth is slowing and it may nev...
NEW YORK - Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.
The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to “increase significantly in the foreseeable future” and it “may not achieve profitability.” Uber lost $3.03 billion in 2018 from operations. Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion.
Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.
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